I Make Over $100,000 as a Virtual Assistant: Here’s How I Did It
The internet has opened the door to countless opportunities for remote work and becoming a virtual assistant (VA) is just one path that has the potential to be lucrative. Kim Studdard is a six-figure-earning VA whose practical yet strategic approach to growing her remote business has helped her provide for her family while still having the flexibility to care for her daughter.
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Kim shared the specific steps she took to get started along with three tips for anyone looking to start earning at least six figures as a VA.
Seeking an Opportunity
Studdard explained that her motivation to get into VA work was the freedom to work around her baby. Returning to work two weeks after having her daughter wasn’t ideal, and she had the added stress of postpartum depression and getting laid off.
“I was laid off from my job and because I was the main earner for my family, I needed something quick but also flexible after working 60+ hour weeks for two years and being a mom,” she said. “So I reached out to people I admired and thought I could work with and got my first three clients, even with an awful pitch.”
Studdard had been a full-time freelancer since 2016, but she admitted she didn’t start the career out of having a passion for VA work. “Even though I started the venture to make up for being laid off, I grew to really love the work I was doing, especially as I branched out into tasks and projects that really resonated with me,” she added.
Narrowing Down a Skill Set
Studdard knew she needed to have a skill set or specialty to offer clients. She considered herself organized, and someone who could complete research and create spreadsheets. “I reached out to bloggers, websites, and entrepreneurs with the skills I already had and asked them to give me a chance to prove myself,” she said.
Her initial pitch was simple, stating that she wanted to help the blogger or entrepreneur and gave her rate. “My pitch wasn’t really great, but there weren’t courses on how to be a VA or work online back then,” Studdard added. “For people looking to start now, I’d recommend figuring out what you’re good at and narrowing down what you can offer a client in terms of a valuable service.”
Studdard picked up skills by working with clients who were willing to teach their processes for extra help. For instance, she learned Pinterest marketing, creating custom spreadsheets, assisting with launching online courses, social media management, and many other services.
Reaching Six Figures
For Studdard, a typical day is working from 9 a.m. to 3 p.m. Monday to Thursday. She began taking Fridays off two years ago to enjoy more time with family, run errands, and complete other tasks around the house.
“I typically juggle four to five full-time clients,” she said. “This doesn’t mean full-time work, but they are consistent clients that I work with each week and then I’ll have one or two clients every few months that I work with on special, larger one-off projects.”
In 2019, Studdard reached six figures in gross income for the first time as a virtual assistant. It was more of a natural progression with the growth of her business since she never set an initial income goal. “My main goal was to be able to bring in enough income to live comfortably and replace my full-time job,” Studdard said. “I’m lucky that my family is able to live on much less than the average American family.”
She mentioned how important it is for self-employed people to realize that earning $100,000 doesn’t mean you get to keep the entire amount. In 2019 when she first surpassed the six-figure amount, she says that after taxes and paying for business expenses, she brought home around $65,000.
Maintaining the Business
Studdard admitted that while pitching can be a great way to find VA clients when you’re new, she doesn’t look for clients and hasn’t had to send pitches in four years. “These days most of the clients are either previous clients who want to work with me again or someone who was referred to me by a former or current client so I’m grateful that I haven’t had to pitch in four years.”
Overall, what she loves most about the job is the freedom to choose her own clients, set fair rates, and pick her schedule.
“I’m allowed to say no thanks if something doesn’t serve me, or if I’m not the best fit for the job,” she said. “I also love that I’ve built a business that goes wherever I go since we’ve recently moved cross country.”
3 Tips For Virtual Assistants Looking to Earn Six Figures
Studdard offered the following tips for anyone looking to get into VA work:
1. Have a Specialized Niche That Pays Well
While Studdard has learned many skills over the years and continues to offer some of those to clients, she also focused on gaining more experience as an operations consultant and manager. Narrowing down your niche and target customer can help you become an expert and charge more as a result.
“Basically what I do now is help small businesses set up systems and organize themselves to be more efficient to work on money-making tasks versus the constant hustle and bustle of admin work,” she said. “I recommend taking a year to dive into VA work and adjust but then start narrowing down a specific service niche afterward.”
2. Raise Your Prices Regularly
It’s no surprise that to earn six figures, Studdard had to increase her prices from the initial $15 per hour. “My contracts all state that if I’m working long-term with a client, I have the right to raise my prices each year and it’s the year mark after the first day we start working together, not January 1st.”
Studdard added that she has set rates for short-term projects, but increases the price as her skills have become more proficient.
“With my consulting service, I began to charge more as I learned things and could offer more value so I went from charging an hourly rate to packages ranging from $1,000 to $2,500.”
3. Invest in Yourself
Studdard’s final tip is to take the time and money to invest in your VA career so you can know the ins and outs of your service niche. If it’s one like social media that evolves rapidly, it’s important to stay on top of the latest trends, strategies and policies to better serve your clients.
“I can charge more because I have a larger portfolio, happy clients, and knowledge under my belt that others don’t,” she said. “But this also required me to go back to school and invest in certifications.”
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